2005, English, Article, Working paper edition: Consumption along the life cycle [electronic resource] : how different is housing? / Fang Yang. Yang, Fang.

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Bookmark: http://trove.nla.gov.au/version/41121641
Published
  • [Minneapolis, MN] : Federal Reserve Bank of Minneapolis, Research Dept., [2005]
Language
  • English

Edition details

Title
  • Consumption along the life cycle : how different is housing? /​ Fang Yang.
Author
  • Yang, Fang.
Other Authors
  • Federal Reserve Bank of Minneapolis. Research Dept.
Published
  • [Minneapolis, MN] : Federal Reserve Bank of Minneapolis, Research Dept., [2005]
Medium
  • [electronic resource]
Series
Subjects
Summary
  • Micro data over the life cycle shows two different patterns of consumption of housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. This paper develops a rich, quantitative, dynamic general equilibrium model of life cycle behavior, which generates consumption profiles consistent with the observed data. Borrowing constraints are essential in explaining the accumulation of housing assets early in life, while transaction costs are crucial in generating the slow downsizing of the housing later in life. The bequest motives play a role in determining total life time wealth, but not the housing profile.
Notes
  • Title from PDF file (viewed on June 22, 2005).
  • "May 2005."
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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